Industrial Sensors Market worth USD 22.09 billion by 2027

The Market Statsville Group (MSG) publishes the new report on the "Industrial Sensors Market by Sensing Type, Flow, Pressure, Proximity (Area), Level Measurement, Temperature, Image, and Other), by End User (Mining, Oil, and Gas, Manufacturing, Chemical, Pharmaceutical, and Others), and by Region - Global Trends, Market Share, and Forecast to 2027". The global industrial sensors market was valued at USD 22.09 billion in 2020 to USD 34.10 billion by 2027, at a CAGR of 6.4% from 2021 to 2027. The global automotive sector witnessed a recession in the past two years; China also reflected the trend. The number of sensor and sensor components increased in the sector.

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MEMS pressure sensors have witnessed significant adoption in the smart automotive sector in the last few years. For the same, Asystom recently launched a range of multi-sensor IIoT devices featuring increased autonomy. The multi-sensor capability has addressed the predictive maintenance needs of a wide array of industrial equipment, integrating new onboard, connected, energy-saving electronics performing in situ analysis. These innovative products, apart from increased performance, are eco-responsible and 100% upgradeable. The manufacturers additionally were required to invest huge amounts of money in implementing sensors and collecting data for regulatory and operational reasons. Then, for automation and interconnectivity, smart sensors develop the legacy machine to communicate about its health. Smart sensors have generated an opportunity to measure and sense the readings to predict failure, monitor levels, and increase efficiencies for a smart factory.

Global Industrial Sensors Market Segmentation

The overall industrial sensors market has been segmented into the sensing type, end-user, and region.

By Sensing Type (Flow, Pressure, Proximity (Area), Level Measurement, Temperature, Image, and Other)
By End User (Mining, Oil, and Gas, Manufacturing, Chemical, Pharmaceutical, and Other)
By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)
Manufacturing, by end-user vertical, is estimated to hold the largest market share during the forecast period

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Based on the end-user vertical, the global industrial sensors market has been segmented into mining, oil and gas, manufacturing, chemical, pharmaceutical, and others. In 2020, Manufacturing accounted for the largest market share of 29.78% in the global industrial sensors market and had a CAGR of 6.1% during the forecast period.

Industrial sensors are playing a major role in factory automation and Industry 4.0 Motion in the manufacturing industry. Various industrial sensors are used in manufacturing industries, including environmental sensors, image sensors, motion and vibration sensors, and proximity sensors. These sensors provide a variety of information about the products during manufacturing. Position sensors are among the most widely used sensors in the manufacturing industry for precise measurement within sawing and drilling equipment. Cable-actuated position sensors are used within industrial machinery applications in factory automation equipment and lift equipment that require linear position measurement. Vendors are eager to decrease the downtime of production and increase the efficiency of the factory. Presence-Absence Sensors leverage non-contact technology, time-of-flight sensors, color sensors, condition-monitoring sensors, data sensors, and mark sensors for the smooth running of a factory at various stages catering to specific needs.

The Asia Pacific accounts for the largest market share during the forecast period in the industrial sensors market

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Based on the regions, the global industrial sensors market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, Asia-Pacific was accounted for the highest market share of 43.09% in the global industrial sensors market and was anticipated to maintain its dominance throughout the forecast period, followed by Europe and the Asia Pacific.

China has the largest market revenue share of 33.41% in the Asia Pacific region in 2020, followed by Japan. Industry 4.0 is breaking the traditional borders of automation and control functions in the process and manufacturing industry. It enables a wider domain of functions and industries under global initiatives and architectural frameworks, like Society 5.0 in Japan and Made-in-China 2025 in China. The rapid development of the Chinese automobile industry forced an increase in customer demands regarding quality, functionality, and efficiency. This forced FAW-VW to use new materials and technologies to facilitate the production of different types and models of vehicles in one location. Sensor technology is used in plants to detect workpiece positions in various stages of the automated output, such as stamping, painting, welding, and final assembly. According to the Ministry of Natural Resources, from May 1, 2020, foreign firms registered in China with net assets above CNY 300 million (USD 43 million) were allowed to participate in oil and gas exploration and production. China's initiative was to increase oil and gas development and bring private capital into the upstream energy business.

Some of the major companies that operate in the global industrial sensors market are Texas Instruments Incorporated, TE Connectivity Inc., Omega Engineering Inc., Honeywell International Inc., Rockwell Automation Inc., Siemens AG, STMicroelectronics Inc., AMS AG, NXP Semiconductors NV, First Sensor AG, Bosch Sensortec GmbH, Sick AG, ABB Limited, and Omron Corporation.

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